New construction homes come in all shapes and forms. You need to decide first and foremost the type of new construction home you’re in the market for.
And when we say types we don’t mean apartments, condos, townhouses and such. We mean do you want your home fully-built or do you want it customized?
Let’s list out the types so you understand them all.
Types of new construction homes
- Production homes: This is when the home is fully built to the last detail. All you have to do is come in, inspect and buy the home. No need for adjustments or anything. Construction companies usually build these in bulk and most homes look similar. You have the option to pick the floor plan, no of rooms, bathrooms that you want. You can even choose a different exterior design.
- Fully-custom homes: When we say fully custom, we mean homes that are still bare plots. This offers the most flexibility as you get to specify what you want from the beginning. You could do one of 2 things. Bring your architect and builder to plan your home. Or use the construction company’s builder.
- Semi-custom: At this stage, the house is coming to life but not quite there yet. It lies somewhere between a fully-finished home and a custom home. You’re allowed to make some customizations to it if you want. Maybe you could say you want this colour of wall or you want to change the layout a bit. Although there is an extent t which you can specify what exactly you want. Every company has different limits.
SO.. which type of new construction home is right for you?
It all boils down to 3 things. How much time you have, how much you’re willing to spend and how involved you want to be in the building process. You can read more about that here
Parties involved in buying a new construction home
There are different parties involved in the new construction home buying process. It’s similar to a standard home but we promised you a detailed guide and we’re sticking to our word.
Construction company/ builder
This is the company that builds your home. Most times they’re called construction companies. Sometimes they’re known as builders. This varies. Some developers with a vision partner up with construction companies while some construction companies themselves, take on the whole project. Either way, it’s a win-win situation and it has little impact on your buying decision.
Real estate Agent
Oh, our beautiful agents. The people who are there through your buying journey (If you want them). They see your ups and downs and they make the right decision for you. An agent is a party that is necessary when you’re buying a home and you want the best deal or you have little time on your hands. They act as the middlemen between the developer and you.
House inspector/ building inspector
Another needed party in this buying process. Building inspectors do one of the most important things. They ensure that your home is up to code. Meaning they make sure your building is structurally sound, and they make sure the electrical wiring is safe. In short, their job is to make sure that your home is safe.
You have 2 options for choosing a building inspector
- Work with the construction company’s inspector
- Or hire an external building inspector. We advise you to go with the external building inspector because honestly, the construction company’s party may be biased. Meaning they won’t openly point out all the faults.
Mortgage company/bank
This is necessary when you buy any type of home, not just a new construction home. It should come first on this list because you need one to make sure you are qualified to buy the home you’re searching for. Or you may not need one because you’ve got the full amount to buy outright.
